AvalonBay Communities (NYSE:AVB) Given New $244.00 Price Target at Scotiabank

AvalonBay Communities (NYSE:AVB) had its price target hoisted by Scotiabank from $229.00 to $244.00 in a research note issued to investors on Monday morning, Benzinga reports. Scotiabank currently has a sector perform rating on the real estate investment trust’s stock.

Other research analysts have also issued research reports about the stock. Wells Fargo & Company lifted their price target on shares of AvalonBay Communities from $222.00 to $244.00 and gave the company an overweight rating in a research note on Monday, August 26th. Mizuho boosted their price objective on shares of AvalonBay Communities from $185.00 to $194.00 and gave the company a neutral rating in a research report on Thursday, May 30th. Truist Financial increased their target price on AvalonBay Communities from $213.00 to $230.00 and gave the stock a hold rating in a report on Tuesday, August 27th. Deutsche Bank Aktiengesellschaft boosted their price target on AvalonBay Communities from $206.00 to $249.00 and gave the company a buy rating in a report on Tuesday, September 10th. Finally, Zelman & Associates upgraded AvalonBay Communities to a hold rating in a report on Thursday, September 5th. Thirteen equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $223.12.

AvalonBay Communities Price Performance

Shares of AVB stock opened at $232.85 on Monday. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.71. AvalonBay Communities has a 12-month low of $160.45 and a 12-month high of $236.26. The firm has a fifty day moving average of $214.83 and a 200-day moving average of $199.96. The firm has a market capitalization of $33.11 billion, a price-to-earnings ratio of 34.65, a price-to-earnings-growth ratio of 3.41 and a beta of 0.97.

AvalonBay Communities (NYSE:AVB) last posted its earnings results on Wednesday, July 31st. The real estate investment trust reported $1.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.93). The business had revenue of $726.04 million during the quarter, compared to analyst estimates of $718.49 million. AvalonBay Communities had a net margin of 29.61% and a return on equity of 7.16%. During the same period in the previous year, the firm posted $2.66 earnings per share. On average, equities research analysts forecast that AvalonBay Communities will post 11.01 earnings per share for the current year.

Insider Buying and Selling at AvalonBay Communities

In other news, SVP Keri A. Shea sold 2,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $207.17, for a total transaction of $414,340.00. Following the transaction, the senior vice president now directly owns 4,383 shares in the company, valued at approximately $908,026.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Keri A. Shea sold 2,000 shares of AvalonBay Communities stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $207.17, for a total transaction of $414,340.00. Following the completion of the transaction, the senior vice president now owns 4,383 shares in the company, valued at $908,026.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CIO Matthew H. Birenbaum sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $208.90, for a total value of $1,044,500.00. Following the completion of the sale, the executive now owns 65,967 shares in the company, valued at approximately $13,780,506.30. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company’s stock.

Institutional Investors Weigh In On AvalonBay Communities

Several hedge funds have recently added to or reduced their stakes in AVB. Opal Wealth Advisors LLC bought a new position in shares of AvalonBay Communities in the second quarter valued at about $32,000. Versant Capital Management Inc grew its stake in AvalonBay Communities by 1,877.8% in the 2nd quarter. Versant Capital Management Inc now owns 178 shares of the real estate investment trust’s stock valued at $37,000 after buying an additional 169 shares during the last quarter. BROOKFIELD Corp ON bought a new position in AvalonBay Communities in the 1st quarter valued at about $39,000. Pinnacle Bancorp Inc. lifted its position in AvalonBay Communities by 50.0% during the first quarter. Pinnacle Bancorp Inc. now owns 225 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 75 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its holdings in shares of AvalonBay Communities by 38.8% during the second quarter. Massmutual Trust Co. FSB ADV now owns 261 shares of the real estate investment trust’s stock worth $54,000 after acquiring an additional 73 shares during the period. Institutional investors and hedge funds own 92.61% of the company’s stock.

About AvalonBay Communities

As of December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.